Explain how the interaction of supply and demand in a market economy determines 1) which goods and services get produced, 2) in what quantities and, 3) at what price.
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Explain how the interaction of supply and demand in a market economy determines 1) which goods and services get produced, 2) in what quantities and, 3) at what price.
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The expert explains how the interaction of supply and demand in a market economy determines which goods and services get produced, what quantities and what price.
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Supply and Demand are two market forces which drive the economy. It is a very simplistic model assuming that all other conditions remain the same, which we know is not practicable. If there is a demand for sugar in an economy and the consumers are willing to pay for ...
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